Obeikan Glass 9M 2023 profit drops 53.5% to SAR 71.73 mln

Obeikan Glass 9M 2023 profit drops 53.5% to SAR 71.73 mln

08/11/2023 Argaam Exclusive

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Obeikan Glass Co. reported a net profit of SAR 71.73 million for the first nine months of 2023, a fall of 53.5% from SAR 154.43 million in the year-ago period.

 

This was attributed to lower selling prices as well as higher costs of raw materials and general and administrative expenses.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 390.29 309.97 (20.6 %)
Gross Income 216.02 119.87 (44.5 %)
Operating Income 166.12 75.60 (54.5 %)
Net Income 154.43 71.73 (53.6 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 4.83 2.24 (53.6 %)

The third-quarter net profit fell 64% to SAR 17.7 million from SAR 49.26 million in Q3 2022, due to lower selling prices as well as higher costs of raw materials and general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 129.75 93.81 (27.7 %)
Gross Income 66.03 31.05 (53.0 %)
Operating Income 51.08 18.10 (64.6 %)
Net Income 49.26 17.69 (64.1 %)
Average Shares 32.00 32.00 -
EPS (Riyals) 1.54 0.55 (64.1 %)

Compared to Q2 2023, the company’s net profit decreased by 27% from SAR 24.23 million.

 

Shareholders’ equity, after minority interest, increased to SAR 605.71 million as of Sept. 30, 2023, from SAR 524.24 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 - - - - - - -
Q2 2014 - - - - - - -
Q3 2014 - - - - - - -
Q4 2014 - - - - - - -
Q1 2015 - - - - - - -
Q2 2015 - - - - - - -
Q3 2015 - - - - - - -
Q4 2015 - - - - - - -
Q1 2016 - - - - - - -
Q2 2016 - - - - - - -
Q3 2016 - - - - - - -
Q4 2016 - - - - - - -
Q1 2017 - - - - - - -
Q2 2017 - - - - - - -
Q3 2017 - - - - - - -
Q4 2017 - - - - - - -
Q1 2018 - - - - - - -
Q2 2018 - - - - - - -
Q3 2018 - - - - - - -
Q4 2018 - - - - - - -
Q1 2019 - - - - - - -
Q2 2019 - - - - - - -
Q3 2019 - - - - - - -
Q4 2019 - - - - - - -
Q1 2020 62.46 - 20.39 - 4.13 - 0.13
Q2 2020 34.19 - 6.71 - (5.23) - (0.16)
Q3 2020 - - - - - - -
Q4 2020 - - - - - - -
Q1 2021 96.83 55.0 % 38.99 91.2 % 20.47 396.0 % 0.64
Q2 2021 106.98 212.9 % 52.77 686.3 % 35.20 773.4 % 1.10
Q3 2021 126.31 - 79.62 - 61.35 - 1.92
Q4 2021 133.12 - 80.06 - 56.66 - 1.77
Q1 2022 126.57 30.7 % 72.64 86.3 % 49.06 139.6 % 1.53
Q2 2022 133.97 25.2 % 77.36 46.6 % 56.11 59.4 % 1.75
Q3 2022 129.75 2.7 % 66.03 (17.1 %) 49.26 (19.7 %) 1.54
Q4 2022 111.89 (16.0 %) 40.17 (49.8 %) 23.22 (59.0 %) 0.73
Q1 2023 113.48 (10.3 %) 47.03 (35.3 %) 29.81 (39.2 %) 0.93
Q2 2023 102.69 (23.3 %) 41.79 (46.0 %) 24.23 (56.8 %) 0.76
Q3 2023 93.81 (27.7 %) 31.05 (53.0 %) 17.69 (64.1 %) 0.55

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 32.65 % - 6.61 %
Q2 2020 28.04 % - (1.14 %)
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 34.16 % - 10.01 %
Q2 2021 39.56 % - 18.16 %
Q3 2021 48.89 % 35.48 % 30.69 %
Q4 2021 54.28 % 44.27 % 38.14 %
Q1 2022 57.83 % 50.44 % 41.63 %
Q2 2022 59.56 % 53.82 % 43.49 %
Q3 2022 56.57 % 51.14 % 40.90 %
Q4 2022 51.02 % 45.15 % 35.38 %
Q1 2023 47.15 % 41.07 % 32.39 %
Q2 2023 42.60 % 37.05 % 27.64 %
Q3 2023 37.94 % 30.75 % 22.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 32.00 0.13 0.13 -
Q2 2020 32.00 (0.03) (0.03) -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 32.00 0.61 0.61 -
Q2 2021 32.00 1.71 1.71 10.11
Q3 2021 32.00 3.49 3.49 -
Q4 2021 32.00 5.43 5.52 13.06
Q1 2022 32.00 6.32 6.41 14.59
Q2 2022 32.00 6.97 7.07 16.34
Q3 2022 32.00 6.60 6.69 16.38
Q4 2022 32.00 5.55 5.55 16.75
Q1 2023 32.00 4.95 4.95 17.68
Q2 2023 32.00 3.95 3.95 18.38
Q3 2023 32.00 2.97 2.97 18.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 11.15 10.99 4.83
Q2 2022 9.40 9.28 4.01
Q3 2022 10.23 10.09 4.12
Q4 2022 11.97 11.97 3.97
Q1 2023 12.27 12.27 3.44
Q2 2023 15.93 15.93 3.43
Q3 2023 19.11 19.11 3.00


Financial Ratios
Current
Market Cap (M Riyal) 1,584.00
Enterprise Value (EV) (M) 1,542.60
Shares Outstanding ((M)) 32.00
Book Value (BV) ( Riyal) 18.81
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.21
Price/book 2.63
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Share Price

Obeikan Glass Co.
49.50
0.10 0.20 %

Obeikan Glass Co. (OBEIKAN GLASS)

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